(Bloomberg) -- Soaring wind power generation will keep electricity prices in check, even as freezing temperatures and snow grip northwest Europe over the coming week.
The UK’s Met Office has issued a yellow alert for snow and ice in Scotland on Sunday, with northern England also impacted from Monday. Snow and ice warnings were already in place for parts of southern Germany on Friday.
“Temperatures will drop as a northerly airflow develops, bringing in colder Arctic air,” said Rebekah Hicks, deputy chief meteorologist at the Met Office. “This introduces the possibility of snow, initially over high ground in the north from Sunday, with gusty winds also a potential hazard.”
While temperatures are expected to be well below the 30-year norm, increased heating demand will be offset by stronger wind generation. UK wind power is expected to reach a peak of 16,963 megawatts by the middle of next week. Germany is projected to hit a new wind generation peak of 63,211 megawatts next Thursday, smashing the previous record set last December.
The German week-ahead power price fell 7.2% to €89.50 per megawatt-hour, while the UK and French equivalents were little changed at €96 per megawatt-hour and €103 per megawatt-hour, respectively.
That’s a reversal from earlier this month, when power prices jumped to the highest level since the energy crisis as wind generation plunged.
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